Cigna – Is There a Sign of Trend Reversal for a Deep Correction?

Fundamental Indicators:

• Sector – Healthcare
  
• US Business Cycle Stage – late cycle, when this sector is one of the most favourable
  
• Revenue - consistently growing since for the last 10 years
  
• Profits – peaked in 2020 and considerably dropped since then
  
• Net margin – quite low with just 3% and dropping since 2020
  
• P/E – at a good level of 16 compared to S&P500 with 21 and Healthcare sector 22
  
• Liabilities - debt ratio is at 0.7 which is within normal limits
  
• Conclusion – still good financial performance comparted to the market as a whole but with signs of a slow down
  

Technical Analysis (Elliott Waves):

• Main scenario of this idea suggests that we are still observing development of the global growth cycle which is currently at the stage of completing wave 3 (see higher timeframe graph)
  
• Since the correction of March 2020, we can see choppy move to the upside updating historic highs which is a sign of an Ending Diagonal. And wave 5 of 5 is also very likely to be an Ending Diagonal which indicates that bulls are out of energy and a sharp reversal is about to play out
  
• The long term target for the depth of global wave 4 is likely to be $110-$150 (0.5-0.618 Fibonacci retracement levels). However, given the previous correction took 8 years between 2000 and 2008, the upcoming one should be even longer in duration according the EW guidelines
  

This is a higher timeframe to reflect the full history of Cigna and to provide full wave count:
https://www.tradingview.com/x/KZdBE5zU/

What do you think about Cigna and its short term prospects?
Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves.